SMEs to get help with euro

Grant Thornton, leading expert on owner-managed businesses has now launched an SME Handbook with a dedicated chapter to combat euro ignorance.

Co-author of the handbook, Paul Andrews said: ‘Whether the UK joins the euro currency or not, it is going to become a reality that will affect businesses. From the results of our survey it is clear that the government has not done enough to inform UK businesses. It’s time we had a proper debate on this issue.’

Although it is still unknown whether Britain will adopt the new currency, many UK retailers have opted to accept the euro.

A recent survey conducted by Grant Thornton revealed that 87% of SMEs do not believe that the introduction of the euro will affect their business.

The mid-tier accountancy firm suggests the following top tips to help businesses struggling to come to terms with the onset of the euro:- Open a euro bank account to help you make and receive payments in euros- Create a euro price list designed for customers in the euro zone- Confirm that your IT system can produce the euro symbol- Check whether you need to re-write existing contracts with euro zone suppliers to quote in euros- Consider re-printing your marketing materials to quote in euros- If you employ staff in the euro zone, check out opportunities to save money be centralising your payroll system- Ensure that all staff are fully aware of your euro policy and are briefed to communicate a consistent message- Find out whether your IT system can cope with converting exchange rates to six decimal places- If you have staff operating in different countries consider whether there will pressure to harmonise wages throughout Europe- Review your business development strategy


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